VANCOUVER, British Columbia, July 27, 2020 (GLOBE NEWSWIRE) — Gold Plus Mining Inc. (“Gold Plus” or the “Company”) (CSE :GPMI) is pleased to announce the it has entered into an agreement to acquire highly prospective mineral claims (the “Property”) in BC’s famous “Golden Horseshoe” region contiguous to Benchmark Metal’s (BNCH – TSX.V) “Lawyers” Gold and Silver project that recently reported drilling intercepts of 2,360 g/t silver and 11.30 g/t gold over a 1 meter interval as well as 1.44 g/t gold equivalent over 102 meters.
Gold Plus’s mineral claims cover approximately 8,650 acres and are on trend with several mines found in the region, located at the south-eastern side of Benchmarks’ “Lawyers” property, below TDG Gold Corp’s “Baker” Mine and “Shasta” Mine and in line with the “Kemess” Mine further South East that hosts 2.7Moz of gold equivalent. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Properties.
Gold Plus is planning an exploration program on its two claim blocks that will include an airborne survey to further define magnetic targets as well as the mobilization of crews to conduct a sampling program to test our crops and soil geochemistry aimed at identifying high priority drill targets.
President and CEO Keith Anderson Jr. states, “With the acquisition of these highly prospective claims, Gold Plus now has three projects in some of the most prolific mining camps in Canada: the Golden Triangle in British Columbia, the Red Lake mining camp in north west Ontario and the Abitibi region of Quebec. We plan to conduct work programs on all three properties throughout 2020 and define priority targets for upcoming drill programs.”
Neighbouring Benchmark Metals recently announced the addition of a fifth drill rig to its 50,000-metre drill program and has completed over 10,500 meters to date from over 60 drill holes targeting resource definition and expansion areas at its “Lawyers” discovery. Benchmark hopes to establish a five-million-plus-ounce resource by the first half of 2021, with preliminary economic studies to follow later in the year.
Gold Plus Mining’s property hosts highly prospective rocks in the northeastern region of the prolific metal-endowed Stikine Terrane, British Columbia, Canada. According to Logan and Mihalynuk (2014), magmatic events in Stikine during the Late Triassic and Early Jurassic were the driving source for the development of mineralizing porphyry and epithermal systems. The same magmatic and mineralizing events are recognized on both the east and west sides of the Bower Basin forming an arch of gold and polymetallic mineralization. This arch is depicted herein as the ‘Golden Horseshoe’ which includes the Golden Triangle.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Select high-grade downhole drilling intercepts from neighboring Benchmark’s “Lawyers” property include:
259.76 g/t Au & 3,320.3 g/t Ag over 3 m
108.36 g/t Au & 911.2 g/t Ag over 7 m
86.06 g/t Au & 583.83 g/t Ag over 7 m
52.02 g/t Au & 846.44 g/t Ag over 3 m
12.67 g/t Au & 143.39 g/t Ag over 28 m
The Company would also like to announce a non-brokered non-flow through private placement of up to $975,000 consisting of up to 6,500,000 units at $0.15 per unit. Each unit will consist of one common share and one share purchase warrant, with each warrant exercisable into one common share at $0.30 for a two-year term. As well as a flow through unit private placement of up to $400,000 consisting of up to 2,000,000 units at $0.20 per unit. Each unit will consist of one common share and one share purchase warrant, with each warrant exercisable into one common share at $0.30 for a two-year term. The Company may pay a finder’s fee paid in accordance with applicable laws.
The Company has entered into an arm’s length share purchase agreement with 1258512 BC Ltd. (“NumberCo”) and the shareholders of NumberCo (collectively, the “Vendors”), subject to formal documentation, pursuant to which the Company has agreed to acquire all of the issued and outstanding shares of the NumberCo from the Vendors for consideration of 3,000,000 units. Each unit will consist of one common share and one share purchase warrant, with each warrant exercisable into one common share at $0.15 for a three-year term. The agreement is subject to normal course due diligence and applicable regulatory approval.
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company